Does the Cryptospace Need a New Social Network?

One major challenge facing any new social network is achieving success requires large-scale user adoption, but getting a large number of people on-board in the cryptospace is easier said than done.

Several attempts to create new a social network for the cryptospace have failed in the last year alone. Most of those projects were essentially clones of existing platforms like Facebook or Bitcointalk.

What Is Hilo?

If you have an interest in cryptocurrencies, Hilo is worth checking out. It’s a new social media platform for the cryptocurrency community designed to accommodate users of all levels of experience, from pros to complete novices. Hilo touts itself as a “social dashboard that lets you keep up with cryptocurrencies, friends, and influencers.” In essence, it aims to be a central hub where people can interact, share information, and learn more about cryptocurrencies and blockchain technology. The platform will also integrate trading and exchange functions, as well as the HILO token, which is a utility token on the Ethereum blockchain that will be used to incentivize users to transact and engage within the platform.

The project website shows a roadmap that outlines three stages of development of the platform to be completed over the next year. Though there are no precise dates attached to these developments, it is clear that Hilo’s plan is to progressively offer more functions that allow for greater user interaction, the discovery of crypto related information, and support for trading and investing. Six features of the platform specifically mentioned in the whitepaper include:

• The ability to watch assets on a single dashboard that updates in real time.

• Something Hilo calls “Finding Your Tribe,” which means the ability to create private groups with other users where you can share information safely and securely.

• Access a newsfeed and games that teach about cryptocurrencies.

• Access a comprehensive dashboard with information about all the trades a user has made, helping to track and analyze each one.

• Influencer subscriptions that allow users to keep track of crypto influencers and their trades.

• Alerts about token events, price changes of various cryptocurrencies, and other news of interest to the crypto community.

The Team Behind Hilo

Hilo is based in San Francisco and the founder of the project is Monica Puchner, who previously served as the Vice President of Business Development for a company called CleverTap. She has worked as a consultant for startups in a number of industries, including blockchain and cryptocurrencies. Brit Morgan is a co-founder and COO of Hilo. Ms. Morgan has degrees in psychology and marketing and has work experience with a number of different companies as a consultant and director of marketing.

Hilo’s Benefits and Challenges

The potential benefits of Hilo are obvious. If the company follows its roadmap, the platform will become a unique central hub for the crypto community, which will allow it to share pertinent news and information about the crypto and blockchain ecosystem. It would make it easy to track crypto investments and seek advice on new ICOs and startups, as well as potential trading strategies. Hilo would also serve as a networking platform linking crypto enthusiasts with common interests. The combined knowledge of these users would foster the creation of a critical mass of self-generating and self-correcting collective knowledge.

One major challenge facing Hilo, however, is that for it to achieve its goals it requires large-scale user adoption, and getting a large number of people on-board is easier said than done. I have seen multiple attempts to create new social network platforms for the cryptospace fail in the last year alone. However, most of those projects were essentially clones of existing platforms (such as facebook or Bitcointalk). At this point, it is too early to say whether Hilo will meet a similar fate. There is no working product and potential users can only sign up to join a waitlist for its eventual launch.

Conclusion

If you are interested in cryptocurrencies and connecting with other enthusiasts then Hilo may be of interest to you. If you consider yourself part of the cryptocurrency community and are invested in increasing the uptake of digital currencies, you may want to consider learning more about this project.

Full disclosure: I do not own HILO tokens and I have not participated in the HILO ICO. This article is not intended as investment advice. It is just my personal opinion about HILO. You should always do your own research.

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Does the Cryptospace Need a New Social Network? was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.